Seller financed land used as down payment?

[Cody Buckingham]

I’ve just ran across a piece of land in a great location. The owner is a older gentlemen who is already retired and is interested in doing 20% down seller financed. That being said would a bank allow me to use the full price of the land as a down payment on a construction loan?

Example

$300,000 for land.

$60,000 for down payment (seller financed).

Go to a bank and use $300,000 for down payment on construction loan.